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For Telecom-Equipment Stocks, a Rare Trip South

 

The chill in the networking sector is spreading.

Recent days have seen a selloff among the telecom-equipment stocks that have led the Nasdaq's rally over the last year. Why? After two years of leadfooted capital-spending growth, phone companies and Internet service providers are easing off the telecom-equipment gas pedal, and Wall Street is taking notice. Tuesday has seen some of these stocks recovering, but even red-hot outfits like Corning (GLW Quote) are now 10% or more off their highs. Optical juggernaut Nortel was off $2.31 Tuesday afternoon at $66.75, putting it nearly $10 below its Thursday close.

Gravity Returns
Networking shares recede
...

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